SD-GOLD(600547) 证券日报·2025-03-28 03:37Core Viewpoint - Shandong Gold Mining Co., Ltd. reported strong financial performance for 2024, driven by rising gold prices and increased investment demand [1][2]. Financial Performance - The company achieved operating revenue of 82.518 billion yuan, a year-on-year increase of 39.21% [1]. - The net profit attributable to shareholders reached 2.952 billion yuan, reflecting a year-on-year growth of 26.8% [1]. - The net cash flow from operating activities was 13.34 billion yuan, up 94.78% year-on-year, indicating improved profitability quality [1]. Gold Market Dynamics - The company benefited from a favorable gold market, with international spot gold prices ending the year at $2,624 per ounce, a 27% increase from the previous year [1]. - Domestic gold prices also rose, with the Shanghai Gold Exchange Au (T+D) contract closing at 614.82 yuan per gram, up approximately 28% year-on-year [1]. - Factors contributing to the strong gold investment demand included central banks' monetary policy shifts, weakening of the U.S. dollar credit system, and ongoing global geopolitical risks [1]. Dividend Policy - The company proposed a cash dividend of 1.48 yuan per 10 shares (including tax), totaling 662 million yuan [2]. - The total cash dividend for 2024 is projected to be 2.28 yuan per 10 shares, amounting to 1.02 billion yuan, which represents 40.05% of the net profit attributable to shareholders after deducting perpetual bond interest [2]. - The board has been authorized to formulate and implement a mid-term dividend plan for 2025, with a cap of 40% of the net profit for that period [2]. Future Outlook - Market consensus suggests that the favorable gold market conditions are likely to continue, supported by expectations of ongoing interest rate cuts by the Federal Reserve [2]. - Research indicates that low asset allocation and continued central bank gold purchases may further drive gold prices upward [2].